Bank of New York Mellon Corp · News & developments
BNY lifts prime lending rate to 7.00% as floating credit reprices
The Bank of New York Mellon Corporation announced that it will raise its prime lending rate by 0.25 percentage points, moving from 6.75% to 7.00% effective September 17, 2026. The custody giant reported overseeing $62.6 trillion in assets under custody or administration and $2.2 trillion in assets under management as of June 30, 2026.
Why this matters
The quarter-point hike delivers immediate repricing on floating-rate commercial loans and credit facilities, providing an incremental boost to lending yields before operational deposit costs catch up. Yet custody banks do not live or die by standard loan books: BNY's massive asset administration engine means overall earnings remain far more tied to market fee levels and liquidity cash management than to conventional spread lending.